There’s a new kid on the AI Generation block. Daydream, a startup that aims to optimize the online shopping experience through machine learning, has raised $50 million in funding. The company, which is set to launch this fall, hopes to put an end to tedious product searching.
As Web3 matures, industry leaders are approaching the space in two ways: some, like Farfetch, are establishing their own incubation programs to take advantage of the next wave of Web3, while others, like Estée Lauder’s NIV, They are financially supporting startups through seed funding rounds and fundraising. . Both routes point to a promising future for emerging technology and reflect fashion’s shift in mindset toward the virtual sphere.
In other news this week, Farfetch-backed AR platform Wanna is leveraging its virtual try-on capabilities for fine jewelry.
What happened: Julie Bornstein, an e-commerce veteran and co-founder of Pinterest-acquired fashion platform The Yes, has raised $50 million for her AI-powered startup, The Daydream. The company, co-founded by a group of former Microsoft, Google, Amazon and Farfetch executives, was co-led by Forerunner Ventures and Index Ventures, with participation from Google Ventures and True Ventures.
Daydream is a fashion search and discovery platform that aims to solve the e-commerce search puzzle through generative artificial intelligence. Customers can enter prompts about the specific outfits they are looking for, and Daydream will generate multiple options from a catalog of brands it deems acceptable. The platform will launch in beta this fall.
The verdict: While Google’s AI-powered shopping tool sifts through countless fashion items on the internet, Daydream only selects products from 2,000 participating brands, including Net-a-Porter, Alo Yoga, Altuzarra, Jimmy Choo and Dôen. The idea, Bornstein explained to reporters, is that Daydream will successfully simplify the fashion search experience, rather than leverage machine learning just for the sake of it.
AI in e-commerce is still a relatively nascent concept. However, more and more retailers are starting to incorporate the technology into their online shopping plans. Last week, Michael Kors introduced a new AI-powered chatbot on its US site to help customers with sizing and style queries. Meta’s new smart glasses also feature a personal shopping assistant that offers users product advice, while Apple’s Vision Pro headset employs VR, AR and AI.
What happened: Wanna, the Farfetch-backed augmented reality platform, has launched a new tool designed to help customers accurately try on jewelry. The 3D virtual try-on tool, called Enhanced Gems, allows consumers to visualize exactly what diamonds and colored gemstones would look like in real life through a mobile device.
The verdict: When it comes to AR-powered jewelry try-on services, the technology has struggled to replicate the look and feel of certain pieces. For example, differences in lighting, shadows, and reflections can lead to a mismatch between the virtual try-on and the actual product, leading to customer dissatisfaction.
While digital jewelry designers like Xtended Identity have built their businesses on surrealism and fantasy, e-commerce-focused platforms like Wanna face a greater challenge in achieving realism. The platform’s new Enhanced Gems feature aims to advance VTO innovation by accurately capturing the quality and nuances of precious materials.
- Beverage company Sazerac has partnered with global marketplace BlockBar to auction off several bottles of its Eagle Rare 25 whiskeys. As the oldest expression in Sazerac’s portfolio, this release marks the debut of Warehouse P, one of two experiential Buffalo Trace warehouses. Bidding starts at $10,000; winners will also receive an invitation to visit the Buffalo Trace distillery in Kentucky. The visit includes a private tour of the distillery and Warehouse P, a VIP tasting, and an overnight stay at Stagg Lodge with dinner prepared by the distillery’s private chef.
- Lifestyle brand 9dcc from NFT collector and entrepreneur Gmoney has launched a new collection of bucket hats for its tight-knit community of Web3 fashion enthusiasts. This marks the brand’s debut in bucket hats, which feature an embroidered “9” emblem on the back using NFC technology. Users can tap this emblem to access exclusive digital experiences on the 9dcc platform. As part of the launch, the brand has launched an AR-powered test filter on Instagram.
